///Corporate

CARLOS SANCHEZ APPOINTED PRESIDENT, UNIVERSAL MUSIC LATINO

MIAMI, 22 FEBRUARY 1999 -- Carlos Sanchez has been appointed president of Universal Music Latino, the new company that combines the operations of Universal Music and PolyGram in the US Latin music market.

Sanchez, who was previously managing director of PolyGram Venezuela, will assume his new position on 1 March, reporting to Universal Music Latin America chairman Manolo Diaz. His successor in Venezuela will be announced in due course.

Based in Miami, Universal Music Latino has sales and promotions branch offices in Puerto Rico, New York, Los Angeles, San Antonio (Texas) and Chicago. The new company will have a more decentralized structure than either Universal or PolyGram had, with more marketing personnel working out of those offices rather than in Miami to reflect the increasing fragmentation and different musical genres of the Latin music market in the US. The final structure of Universal Music Latino is expected to be in place during March.

Diaz said: "Carlos’ track record in Venezuela has been outstanding. Despite market instability, he has dramatically improved profitability and helped the company become market leader in 1998."

Sanchez, said: "This is a great opportunity for me. To work for the largest record company in the world and to do it in the fastest growing market segment of the USA is an exciting challenge."

For the last three years, Sanchez, 36, has been managing director of PolyGram in his native Venezuela. Prior to that he worked for Rodven Records, most recently as managing director of Rodven Colombia from 1994 to 1995, and before that at Rodven in Venezuela where he spent 15 years working in a variety of roles including marketing, A&R, logistics and sales.

PolyGram Latino president Marcos Maynard and Universal Music Latino managing director Marco Rubi have left the company to pursue new opportunities.

Universal Music Latin America is a division of Universal Music International, a unit of the Universal Music Group. UMG is part of The Seagram Company Ltd, a global entertainment and spirits and wine company.